Gold and oil prices are expected to trade higher when markets reopen on Monday after the weekend due to concerns about the Iran-Israel military conflict.
Analysts say that markets have already factored in regional geopolitical tension between the two arch-rivals, especially after the Israeli attack on the Iranian embassy in Syria. Hence, the commodities will not massive a jump.
However, the UAE and other Gulf Cooperation Council (GCC) markets could also come under pressure on Monday morning and will most likely trade in a negative territory.
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Tehran launched an air attack on Israel in the wee hours on Sunday with 300 drones and missiles, prompting airlines to avoid Israel, Iran and other neighbouring countries’ airspace and opt for longer, but safer, air routes to get to their destinations.
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Read More: Iran-Israel conflict: Gold, oil set to trade higher; GCC stocks to come under